{"id":584521,"date":"2023-04-02T00:00:00","date_gmt":"2023-04-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/02\/nph-ups-its-offer-for-pachin-shares\/"},"modified":"2023-04-02T00:00:00","modified_gmt":"2023-04-02T00:00:00","slug":"nph-ups-its-offer-for-pachin-shares","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/02\/nph-ups-its-offer-for-pachin-shares\/","title":{"rendered":"NPH ups its offer for Pachin shares"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">NPH raises its bid for Pachin: <\/span><span style=\"\">Dubai-based National Pa<\/span><span style=\"\">ints Holding (NPH) has <\/span><span>upped its off<\/span><span>er<\/span><span> for EGX-listed Paint and Chemical Industries (Pachin) in response to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/09f23b66-34e5-4f37-b561-25483d9c4f77\" style=\"\">Eagle Chemicals\u2019 new bid last week<\/a><\/span><span>, the Financial Regulatory Authority (FRA) said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/NPH-Pachin_disclosure_01042023_16.pdf\" style=\"\">an EGX disclosure (pdf)<\/a><\/span><span style=\"font-weight:400;\"> on Thursday. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The Emirati firm is now offering to purchase at least 75% of the <\/span><span style=\"font-weight:700\">state-owned company for EGP 37.75 per share<\/span><span>, up from its earlier offer of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a1a65e5-67f9-401c-9038-63343efcdc10\" style=\"\">EGP 36.00 per share<\/a><\/span><span>, <\/span><span>the statement reads. This is EGP 0.75 per share higher than Eagle Chemicals\u2019 most recent EGP 37.00 bid. <\/span><span>NPH\u2019s new offer values the company at<\/span><span> EGP 906 mn<\/span><span style=\"font-weight:400;\">, according to our calculations. Everything else in the NPH offer is unchanged, according to the statement. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span>Pachin shareholders <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38823b50-f610-4465-8ade-c79c1592564f\" style=\"\">have until market close<\/a><\/span><span style=\"font-weight:400;\"> on 12 April to decide if they want to part with their shares to either NPH or Eagle Chemicals.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Market reax:<\/span><span style=\"font-weight:400;\">Pachin\u2019s shares rose 3% to EGP 39.71 on Thursday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Compass Capital: raise or fold?<\/span><span> An unconfirmed local media report <\/span><span>last week<\/span><span> claimed that <\/span><span>Compass Capital is preparing to submit a rival MTO within days. The company has reportedly completed due diligence on Pachin and is ready to put a rival bid to shareholders, unnamed sources close to the matter reportedly said. Compass <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51ebd661-7bc4-402c-993a-3432a7f06307\" style=\"\">in January<\/a><\/span><span style=\"font-weight:400;\"> submitted a non-binding offer to acquire a stake of 51-90% in Pachin for EGP 30.00 per share.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER-<\/span><span style=\"font-weight:400;\"> The play for Pachin comes amid the government\u2019s privatization push, which should see it reduce its involvement in or exit certain industries to make way for the private sector. Pachin is currently approximately 54% owned by state-owned companies and banks.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ADVISORS-<\/span><span>Al Ahly Pharos is financial advisor to Pachin while Shalakany Law Office is counsel. <\/span><span>Matouk Bassiouny & Hennawy are acting as NPH\u2019s legal counsel, while Nour Law Office is counsel to Eagle Chemicals alongside Al Tamimi & Company. Marei, Fayez, Dardiry & Partners is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/news\/story?storyId%3Da684bd8f-263d-4cf6-b188-a4d47d25c113\" style=\"\">legal advisor<\/a><\/span><span style=\"font-weight:400;\"> to Compass Capital. HC Brokerage is brokering the transaction.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NPH\u2019s latest offer values Pachin at EGP 906 mn<\/p>\n","protected":false},"author":1,"featured_media":584522,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7321],"tags":[6483,72,7196,7128,9179,6816,81],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-eagle-chemicals","tag-enterpriseam","tag-industry","tag-ma-watch","tag-national-paints-holding","tag-pachin","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"f4c14caf-b153-4cab-a0e4-44ac6935e442","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/39.jpg","photo_position":"above","homepage_title":"","full_issue_title":"NPH ups its bid for Pachin by c.5% as takeover battle heats up","related_issue":[584512],"teaser":"NPH\u2019s latest offer values Pachin at EGP 906 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.ccb79102-e364-4661-9055-674f89214102.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NPH ups its offer for Pachin shares - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/02\/nph-ups-its-offer-for-pachin-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NPH ups its offer for Pachin shares\" \/>\n<meta property=\"og:description\" content=\"NPH\u2019s latest 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